IRS Charges Fee for Estate Closing Letters
IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal…
Business Owners: Year-end Tax Planning Strategies
Business Owners: Year-end Tax Planning Strategies Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the…
Individual Taxpayers: Year-end Tax Planning Strategies
Individual Taxpayers: Year-end Tax Planning Strategies With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce…
Marginal vs. Effective Tax Rates
Marginal vs. Effective Tax Rates Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look:…
E-Signatures Extended for Many Tax Forms
E-Signatures Extended for Many Tax Forms To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms…
If You Receive an IRS Letter or Notice
If You Receive an IRS Letter or Notice The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can…
Use These Strategies To Pass on Wealth to Heirs
Use These Strategies To Pass on Wealth to Heirs Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to…
Gross Receipts Safe Harbor for Employers Claiming ERC
Gross Receipts Safe Harbor for Employers Claiming ERC Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the…
Reminder: Protect Yourself From Scammers
Reminder: Protect Yourself From Scammers Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal…
Extension Deadline Looming for 2020 Tax Returns
Extension Deadline Looming for 2020 Tax Returns Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October…